1. A. The amount of the tax credit shall be:

   1. (1) for taxable years beginning January 1, 2024, and prior to January 1, 2027:

      1. (a) $3,000 for a new electric vehicle.
      2. (b) $2,500 for a new plug-in hybrid electric vehicle or fuel cell vehicle.
      3. (c) $2,500 for a previously owned electric vehicle.
      4. (d) $2,000 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle.

   2. (2) for a taxable year beginning January 1, 2027, and prior to January 1, 2028:

      1. (a) $2,220 for a new electric vehicle.
      2. (b) $1,850 for a new plug-in hybrid electric vehicle or fuel cell vehicle.
      3. (c) $1,850 for a previously owned electric vehicle.
      4. (d) $1,480 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle.

   3. (3) for a taxable year beginning on January 1, 2028, and prior to January 1, 2029:

      1. (a) $1,470 for a new electric vehicle.
      2. (b) $1,225 for a new plug-in hybrid electric vehicle or fuel cell vehicle.
      3. (c) $1,225 for a previously owned electric vehicle.
      4. (d) $980 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle.

   4. (4) for the taxable year beginning January 1, 2029:

      1. (a) $960 for a new electric vehicle.
      2. (b) $800 for a new plug-in hybrid electric vehicle or fuel cell vehicle.
      3. (c) $800 for a previously owned electric vehicle.
      4. (d) $640 for a previously owned plug-in hybrid electric vehicle or fuel cell vehicle.

2. B. A state tax credit to an applicant for a clean car the department has certified shall not exceed:

   1. (1) $3000 for a new clean car.
   2. (2) $2500 for a previously owned clean car

[3.3.36.15 NMAC - N, 09/24/2024]